Main issue is on health condition, subjecting oneself to underwriting again.

Do you have the policy contract booklet with you?
Yes - great! You can get all the info in there.

No - you can request for a digital copy or even have it reprinted (at a cost).

Good point. I missed that out.

Usually, this can only be done at the customer service center.
Call up agent or agency office also they will go to the customer service center.

It is best if the customer can do this in person.

Though it is quite a hassle, the current state of customer service at all insurer branches are actually quite pleasant.

This post has been edited by JIUHWEI: Nov 27 2020, 02:57 PM

Yeah, we can't just bulldoze things through and use the SC as a rubber stamp lah. But a lot of it, we also run by the SC.
And to make it easy for everyone, agency offices are usually right above the SCs too.
So I really can't understand why it's taking you 3 weeks for something as simple as getting your endorsement documents...

They do have an agency assistant/clerk to help with these requests mah.

The premiums and cost of insurance are stated in the brochures available online at the respective insurers' websites.

I find it quite ironic that you're taking a risk to defer on a risk transfer solution..
Why take the bet? Nobody went broke from paying insurance premiums. Ever.

2 things are for sure:
1. our risk levels increase as we age. The premiums and cost of insurance increases with our risk levels.
2. The plans available to be purchased in the future will also be very different.

How different will the plans in the future look like?

Well, we can start by observing the recent developments in the market:
1. Annual Limits are getting higher and higher.
2. The "new" things - deductibles and co-insurance are being "introduced" in an attempt to control premiums and cost of insurance at a manageable level.
3. Extension to regional coverage, all around better services and options of care.

Items 1 and 3 are costs, and item 2 is a direct cost to the insured. No right or wrong, just shedding some light on the matter.
You weigh the pros and cons for yourself, with your own considerations.

So for some of us, these new things are not new:
Deductibles, co-insurance, inner limits.
These are the things our insurance industry had in the 70s, 80s, and 90s.
We had it in the past, moved away from it, and now they are making a comeback despite higher annual limits and better all-around services?
Well, they are making a comeback because of a few reasons:
1. super high medical cost environment alongside super high annual limits and better services
2. Malaysians living longer but not necessarily better lives, many having chronic illnesses for more years because of medical advancements.
3. The market loves numbers. Whoever shouts the highest number wins, without a thought on the future costs. Almost as if having the "let the future worry about itself" mindset, while planning for the future (ironic isn't it?).

Don't just take my word for it. Let's look at some real world examples.
If you'd like to find out, just google up "health insurance in ___<insert your fav country>___"
Look up countries more advanced than ours.
Why only countries more advanced than ours? Because that's where we're headed.
A glimpse into the future health insurance plans would be in the direction of where they are now.
Then compare those coverage to what we have in the market now, what you can buy now.
What I see is the current offerings in the current market now is very generous.
30 years in the future when I'm in my 60s, I want to be on my current plans (plural because I have 3 medical policies) now with the current terms.

I believe this is a much better picture than just having to guess, or just agak2 or angan2 around.

Are you keen to get it?

You can source out PA coverage that comes with Medical Reimbursement benefits.

Besides that, your premiums (assuming that it is investment-linked policy) also account for Life Insurance amount too.
When you get your annual premium statement for FY2020, you can see it in the break down.

Yes, only regular premiums (protection account) will be accounted for.

I think that's one way to go about it.
Good suggestion!

Maybe increase on the Critical Illness coverage?

Usually, you can choose to adjust your coverage within your existing ILP.
If your kawan is asking you to surrender the existing plan to replace it with a seemingly new plan with "better coverage"...
Then this friend not so kawan lo

I believe the core issue is if the suggested upgrade and method of execution are in favor of you. Correct?

So without knowing about the proposed upgrades and how it differs from your current plan, here is how I would execute it for my clients:
To upgrade within your existing ILP plan.

Why:
Your fund value within your current ILP policy is already starting to build up. To cancel it now and buy a new one (even with the same amount of premiums) to start over is totally not within your best interests. Instead of paying only 6 years of commissions, you end up paying 10 years of commissions! Unless you really like him, and betul2 want to support him in this way.... I don't see any rational reason to take up what he is proposing.

By upgrading within your policy, he will still get the full commissions for the new rider. I don't see why it is such a bad idea to upgrade within your existing ILP policy, that it is not a go-to approach for him.

If your interest is to maximize on income tax relief, why not take up a Life Insurance with him? The current Life Insurance tax relief stands at RM3,000!

Yes, I fully understand we are young and feel invincible now. Like you say, we're not the kind that get sick and make hospital claims all the time.
That is accurate until our body starts to develop symptoms (touch wood, I just recovered from diarrhea).

I hope you can shift your focus towards your own interests, and building a more comprehensive coverage alongside whichever agent that is serving you.
I think this should be the value in an agent (Life Planner nowadays) rather than being just a "salesman" or a "runner" to you.

This post has been edited by JIUHWEI: Dec 18 2020, 11:42 AM

I meant to say Life Insurance and EPF.
Thanks for pointing it out.

Want to take this opportunity to thank this community, contributors, general forumers, and everyone for keeping this thread professional, informative, and keep the good questions coming!

Wish everybody a happy, healthy, and cheerful christmas, new year, and also holidays for those who are clearing AL.

While the amount of care you put into your health condition is commendable, conditions that can be settled at a normal clinic will not be claimable.
For issues that can be settled as outpatient, ie: normal cough and flu and fever, no matter what specialist you go to, and however many nights the doctor keep you at the hospital, it will not be claimable. A normal cough is a normal cough.

Unless it was the wrong diagnosis and you start coughing blood and subsequently hospitalized.
Then semua claimable.

On Contestability Period:
Every new medical policy, there will be a contestability period of 2 years. Even if I upgrade within my own policy, it still applies unless expressly stated otherwise.
So what is it?
Like what others here have mentioned, and it is a fact, not an opinion, the insurer retains the right to investigate on whatever claim that arises, to check with licensed medical service providers around your location for past history.

On your cash value:
During this contestability period (on your new policy), it would be best to keep your old policy running. Paying the regular premiums might not be in your best interest (depending on your financial position of course), and there is really no foul play to let your fund value feed the COI of your old policy.
Is it necessary?
Again, it really depends on your financial position.
Should there be a claim within the coming 2 years, you might need to foot the bill until the the investigations are concluded with no evidence of historical medical issues (up to 6 months) and then your claim amount will be released to you.

SO if you're cash rich, maybe just cut your old policy immediately. Considering you betul2 got no historical health conditions.
But if you're like me, middle class, being more alert and cautious with spending during this round of MCO, maybe consider keeping your old policy for now while the new policy's contestable period run its course.

If anything, your agent is being quite careful with handling your policies.

Happy to clear the air for you bruh.

APHM is still ironing out the details with KKM.
As of now, the guidelines for private hospitals is to send Covid patients to gov hospitals once beds are available at gov hospitals.

Nothing to do with insurers actually. Insurers' job is just to pay.
However, do check with your respective insurer if the exclusion of quarantine by law is still being waived.

Note* - Much older policies may have the clause expressly written in the policy. Newer policies may not have this clause. Kindly check with your respective insurer on this.

Check with your insurer. Call up customer service or your agent.

Either one of them would be in a better position to give you an accurate answer more than anybody here.

1. Do you mean your policy has matured? Or do you mean your policy has been running for about 6 years?

2. You get your survival benefits if your policy matures before you do. Or at the end of the policy term.

3. If you have your policy with you, it will spell out for you exactly what will you be entitled for at any point in time.

4. Over the years, there has been some changes in calculations, products, etc.

Maybe you can mention the name of your Policy, from which company, bought which year, then somebody here would be able to help you better.

Every company claim procedure also very very similar, require the same documents, and subscribe to the same strict guidelines.